As you can see, real estate sales are cyclical throughout the year. November through January are the slowest months. People are busy with holidays and its cold outside. But come February, every year sales pick up. A few interesting things to note:
- Record number of homes sold: The highest amount of homes sold in any month in the past 5 years was July 2020, right in the hottest time of COVID. 5,839 homes were sold through the Wasatch Front MLS. The deadly virus didn’t keep homebuyers away.
- Low interest rates: Helped, even fueled by record low mortgage rates fell below 3% for the first time, and potential buyers saw their buying power go up.
- Cyclical nature: As you can see, the real estate market in Utah is cyclical. The fewest amount of homes are sold in January, and the highest amount of homes are sold in Spring/Summer.
- 2023 Market: Likely due to high interest rates, there are fewer buyers in the market. December 2023 rates are around 7.3%. Higher interest rates = lower buying power.
